NY Post: Americans Are Losing Interest in Playing Golf

Golf Businesses Struggle as Interest Fades

From the New York Post:

“Golfsmith, a 150-store golf specialty retailer, has hired an investment bank and restructuring expert as it weighs a possible bankruptcy court filing, according to a report.

“The Austin, Texas-based chain, caught in the middle of a downdraft in the sport — roughly 6 million people, or 20 percent of those who regularly play golf, have walked away from the game since 2000 — hired Jefferies to solicit potential buyers and Alvarez & Marsal to help it restructure, according to Bloomberg News.

“With the number of people playing golf falling to 24.1 million last year from 30 million in 2000 — when Tiger Woods burst upon the scene, winning three major tournaments — Golfsmith is not the only company feeling some pain.

“On Wednesday, Nike said it was exiting the golf hardware business, its worst-performing division. The company will stop making bags, balls and clubs and will concentrate on shoes and apparel.

“In May, Adidas said it would sell its money-losing TaylorMade, Adams and Ashworth golf equipment businesses. It, too, will focus on Adidas golf footwear and apparel.”